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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net income/(loss) $ 15,147 $ (8,638)
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:    
Advisory fees received in gold, other precious metals and bitcoin (19,757) (13,860)
Contractual gold payments 4,270 3,760
Stock-based compensation 3,143 3,239
Deferred income taxes 2,904 4,526
(Gain)/loss on revaluation of deferred consideration – gold payments (2,832) 2,208
Amortization of right of use asset 697 798
Amortization of issuance costs – convertible notes 429  
Impairments 303 19,672
Depreciation and amortization 252 256
Gain on sale – Canadian ETF business   (2,877)
Amortization of issuance costs - former credit facility   723
Other (235) (31)
Changes in operating assets and liabilities:    
Securities owned, at fair value 124 (2,942)
Accounts receivable 290 5,850
Prepaid expenses (362) (616)
Gold, other precious metals and bitcoin 14,166 9,838
Other assets 5 139
Fund management and administration payable (1,470) 537
Compensation and benefits payable (14,245) (22,688)
Income taxes receivable/payable (1,028) (2,032)
Securities sold, but not yet purchased, at fair value   (112)
Operating lease liabilities (918) (926)
Accounts payable and other liabilities 982 542
Net cash provided by/(used in) operating activities 1,865 (2,634)
Cash flows from investing activities:    
Purchase of investments (5,500)  
Purchase of fixed assets (103) (50)
Proceeds from held-to-maturity securities maturing or called prior to maturity 38 6,030
Proceeds from sale of Canadian ETF business, net   2,774
Net cash (used in)/provided by investing activities (5,565) 8,754
Cash flows from financing activities:    
Dividends paid (4,937) (5,136)
Shares repurchased (2,630) (1,495)
Repayment of debt   (5,000)
Proceeds from exercise of stock options 379 240
Net cash used in financing activities (7,188) (11,391)
Decrease in cash flow due to changes in foreign exchange rate (235) (1,272)
Decrease in cash and cash equivalents (11,123) (6,543)
Cash and cash equivalents—beginning of year 73,425 74,972
Cash and cash equivalents—end of period 62,302 68,429
Supplemental disclosure of cash flow information:    
Cash paid for taxes $ 1,278 1,147
Cash paid for interest   $ 2,312